Is real estate only contributing 8% to China’s GDP?

Photo by China Photos/Getty Images

According to National Statistical Bureau, from Jan to Sep, the contribution of real estate to GDP is 8%. However,according to CICC research team, in third quarter, property related service accounted for 3.8% of real GDP growth, and 12.3% to norminal GDP. But this figure is calculated only by construction GDP. It does not include the property related industries. While construction related raw material industry accounted for 5%, furniture and house decoration was 5%, and property finance is 2%.